Japan's 3 major financial groups' total net profit tops 3 tril. yen for 1st time

The combined net profit of Japan's three major financial groups topped 3 trillion yen last fiscal year for the first time on high profit margins overseas, among other factors. The amount translates into roughly 19 billion dollars.

Mitsubishi UFJ Financial Group posted a net profit of about 1.5 trillion yen, or roughly 9.6 billion dollars, for the year that ended in March. That's up over 30 percent in yen terms.

Sumitomo Mitsui Financial Group logged about 960 billion yen, or roughly 6.2 billion dollars, a rise of nearly 20 percent in yen terms.

The amounts in yen are the highest ever for the groups.

Meanwhile, Mizuho Financial Group's net profit increased over 20 percent to about 680 billion yen, or roughly 4.4 billion dollars.

Their net profits were pushed up on wider profit margins on loans in the United States and elsewhere with high interest rates, as well as due to the weaker yen. Another factor was increased demand for funds to take environmental measures and deal with a labor shortage in Japan. Firms also needed funds for corporate acquisition.

The three groups forecast that their net profits will rise further this fiscal year.